Market participants shrugged off a report from the Commerce Department showing U.S. real gross domestic product declined by 1.4% in the first quarter of 2022 after spiking by 6.9% in the fourth quarter of 2021.
At the close of trade, the Dow Jones Industrial Average index surged 614.46 points, or 1.85%, to 32,916.39. The S&P500 index was up 103.54 points, or 2.47%, to 4,287.50. The tech-heavy Nasdaq Composite Index added 382.59 points, or 3.06%, to 12,871.53.
Advancing stocks outnumbered declining ones on the NYSE exchange by 2589 to 743 and 144 closed unchanged. In the NASDAQ, 3077 issues advanced, 1732 issues declined, and 314 issues unchanged.
All 11 major S&P 500 sector indexes advanced, with top performing issues were information technology (up 4.04%), communication services (up 3.88%), energy (up 3.1%), consumer discretionary (up 2.3%), and real estate (up 1.85%).
Shares of Facebook parent Meta Platforms surged after the social network reported a larger-than-expected profit and rebounded from a drop in users.
Chipmaker Qualcomm shares also moved sharply higher after reporting quarterly results that beat expectations on both the top and bottom lines.
Shares of McDonald's, Merck, and Eli Lilly also posted strong gains after reporting better than expected quarterly earnings.
Apple Inc, the world's most valuable company, and e-commerce giant Amazon.com Inc both rallied more than 4% ahead of their quarterly reports later in the day.
Among Indian ADR, Wipro fell 0.9% to $6.65, Tata Motors added 0.29% to $27.75, HDFC Bank added 0.94% to $56.09, ICICI Bank rose 0.1% to $19.12, WNS Holdings rose 1.29% to $79.01, and Azure Power Global added 2.24% to $13.22. Dr Reddy's Labs fell 0.79% to $52.89. INFOSYS ended flat at $20.12.
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